【摘要】 治理问题是家族企业研究中的新课题,而家族所有权则是家族企业治理中首先需要关注的。文章以沪深两地上市公司为对象,分析了家族所有权与企业绩效之间的关系。研究发现,家族控制上市公司在我国已经比较普遍,存在所有权向家族集中的趋势,但是家族所有权的介入对这些企业的绩效带来不利影响。进一步的非线性关系分析表明家族股东的持股比例与企业绩效之间存在U型关系,而我国家族控制上市公司的家族所有权结构存在不合理性,平均家族持股比例接近企业绩效的最低点。更多还原

【Abstract】 The relationship between family ownership and performance is one of the topics of family firm governance. We find that family ownership is prevalent and substantial in listed companies in China. However, family ownership has negative effect on firm performance. Additional analysis reveals that the relationship between family ownership and performance is U-nonlinear. We also find that family ownership structure is not efficient in the listed companies in China.更多还原